Capital One Limiting Pre-Quals

[Anonymous]

---

@KJinNC wrote:

I noticed this last night, also. Doesn't matter to me - Cap One has no cards I want, especially not for a triple pull. I just check any publicly available SP prequals to gauge where I am, even though it doesn't mean that much. fwiw, I got no prequal matches. I never have with C1.

Not sure why they're so popular. I don't hate them, but most of their cards aren't anything special in rewards, and they triple-pull. Though I did like their app and web site last year when I had one of their secured cards for a while.

I would not assume that big companies only ever make correct decisions. This same discussion occurred about Chase 5/24 and cobrand cards, "they have mountains of data and can't possibly be wrong." But big companies with mountains of data make mistakes all the time. Coca-Cola had mountains of data when it launched New Coke, Ford had mountains of data when it launched Edsel, etc. Product launches fail, market leaders fall to #2 or #3, and companies even go out of business. Why this should be different for banks and credit cards is a mystery to me. That said, I don't think changes to prequalifications are going to make or break any issuer.

---

I understand your point completely and I partially agree with the data you presented. However I have to disagree with the last bit about whether it will make or break an issuer. It may not be anytime soon but moves like this will come to make Capital One even less desirable than they currently are. You said it yourself, they have no cards you want, especially for 3 HP’s. On top of that, their rewards structure on nearly all of their cards is laughable (not so much on the Savor, I guess). Over that past few years, companies have realized that consumers can find other ways to get what they need without credit cards, also there has been an emergence of other companies offering better terms, looser UW, better rewards, better customer service, and they cater to those with credit problems. Capital One will always have a customer base, but it may differ dramatically from what have now if they continue down this path. If they are only concerned with marketing they sub-prime cards, they will delve the the level of a company like Credit One or Indigo. More and more, new companies are putting others out of business that refuse to grow with the times and be more consumer friendly. Look at what Uber did with taxis, Airbnb with hotels, the list goes on. So while I agree that Capital One will survive, I think they will be less sought after with every move they make like this one.

[vic6string]

---

@Anonymous wrote:

---

@KJinNC wrote:

I noticed this last night, also. Doesn't matter to me - Cap One has no cards I want, especially not for a triple pull. I just check any publicly available SP prequals to gauge where I am, even though it doesn't mean that much. fwiw, I got no prequal matches. I never have with C1.

Not sure why they're so popular. I don't hate them, but most of their cards aren't anything special in rewards, and they triple-pull. Though I did like their app and web site last year when I had one of their secured cards for a while.

I would not assume that big companies only ever make correct decisions. This same discussion occurred about Chase 5/24 and cobrand cards, "they have mountains of data and can't possibly be wrong." But big companies with mountains of data make mistakes all the time. Coca-Cola had mountains of data when it launched New Coke, Ford had mountains of data when it launched Edsel, etc. Product launches fail, market leaders fall to #2 or #3, and companies even go out of business. Why this should be different for banks and credit cards is a mystery to me. That said, I don't think changes to prequalifications are going to make or break any issuer.

---

I understand your point completely and I partially agree with the data you presented. However I have to disagree with the last bit about whether it will make or break an issuer. It may not be anytime soon but moves like this will come to make Capital One even less desirable than they currently are. You said it yourself, they have no cards you want, especially for 3 HP’s. On top of that, their rewards structure on nearly all of their cards is laughable (not so much on the Savor, I guess). Over that past few years, companies have realized that consumers can find other ways to get what they need without credit cards, also there has been an emergence of other companies offering better terms, looser UW, better rewards, better customer service, and they cater to those with credit problems. Capital One will always have a customer base, but it may differ dramatically from what have now if they continue down this path. If they are only concerned with marketing they sub-prime cards, they will delve the the level of a company like Credit One or Indigo. More and more, new companies are putting others out of business that refuse to grow with the times and be more consumer friendly. Look at what Uber did with taxis, Airbnb with hotels, the list goes on. So while I agree that Capital One will survive, I think they will be less sought after with every move they make like this one.

---

You all must remember that the vast majority of people don't ever think about things like "triple pulls" or "loose UW". The folks that use forums like this are a tiny fraction of the population. Capital One cards aren't the best cards out there, but they have alot going for them:

1. For many people, Capital One is the first, or only lender willing to give a card to people other than the Credit One's of the world. Once you get that first card, they are also one of the first to give you a decent card. No, the Quicksilver isn't the best rewards card, but it is often the first decent rewards card available to people.

2. They have (in my opinion) the best web interface out there. Log in to one place and you can have all your credit cards, your checking account, savings account, car loan...all in one place, with the easiest navigation  possible. You don't have to go to 20 different places to get things done.

3. They have a HUGE marketing budget and presence. Everyone knows Capital One. This doesn't mean they are good, but it means that when a random person thinks "I need a new credit card", it is likely to be one of the first, if not the first place they go.

[VPExecutive]

---

@kdm31091 wrote:

They have been tightening up underwriting on the higher tier cards for awhile now, so this move really doesn't surprise me too much.

---

Not sure if tightening is the right word... They just lend to a different type of borrower. Capital One favors those who carry a balance and tends to frown on those who pay their bills in full every month. 

Capital One needs to be careful as to not make their Savor and Venture cards too exlusive... They're really not that much better (if better at all) than cards other lenders give out. 

If Capital One is so worried about money, they should stop pulling all three bureaus when someone applies for their cards, since inquiries cost money. 

[Cory88]

---

@Anonymous wrote:

Going through my normal prequals that I do in the beginning of the month (gardening so I can’t apply, still fun though) and saw this. They only check for prequalifications on QS1, Plat, and Secured? Anyone else notice this before? I could’ve sworn it wasn’t there a few weeks ago, or maybe it’s customer-specific?

---

I went to see if I had any offers and they said was qualified for a secured card with a 776 FICO what a joke!!!

[Anonymous]

---

@Cory88 wrote:

---

@Anonymous wrote:

Going through my normal prequals that I do in the beginning of the month (gardening so I can’t apply, still fun though) and saw this. They only check for prequalifications on QS1, Plat, and Secured? Anyone else notice this before? I could’ve sworn it wasn’t there a few weeks ago, or maybe it’s customer-specific?

---

I went to see if I had any offers and they said was qualified for a secured card with a 776 FICO what a joke!!!

---

Wow! That’s Cap1 for ya right there. Smh.

[Anonymous]

---

@Anonymous wrote:

Going through my normal prequals that I do in the beginning of the month (gardening so I can’t apply, still fun though) and saw this. They only check for prequalifications on QS1, Plat, and Secured? Anyone else notice this before? I could’ve sworn it wasn’t there a few weeks ago, or maybe it’s customer-specific?

---

I am not sure if there is already a thread on this, but Cap One is def up to something. Just last week it was this:

Found on DOC, but I can't post links....very strange...definutely a bait and switch....

[VPExecutive]

---

@Anonymous wrote:

---

@Anonymous wrote:

Going through my normal prequals that I do in the beginning of the month (gardening so I can’t apply, still fun though) and saw this. They only check for prequalifications on QS1, Plat, and Secured? Anyone else notice this before? I could’ve sworn it wasn’t there a few weeks ago, or maybe it’s customer-specific?

---

I am not sure if there is already a thread on this, but Cap One is def up to something. Just last week it was this:

Found on DOC, but I can't post links....very strange...definutely a bait and switch....

---

Kinda, sorta, at least they didn't approve the application and THEN tell you about not getting the bonus like Amex had been doing with their bonus offers. I still think Capital One is a ridiculous company to work with, though. 

[kdm31091]

---

@Anonymous wrote:

---

@Anonymous wrote:

Going through my normal prequals that I do in the beginning of the month (gardening so I can’t apply, still fun though) and saw this. They only check for prequalifications on QS1, Plat, and Secured? Anyone else notice this before? I could’ve sworn it wasn’t there a few weeks ago, or maybe it’s customer-specific?

---

I am not sure if there is already a thread on this, but Cap One is def up to something. Just last week it was this:

Found on DOC, but I can't post links....very strange...definutely a bait and switch....

---

I'm no Capital One fanboy, but this isn't a bait and switch. You're free to decline the offer. Compare that to things like how US Bank used to give you a 1% Cash Rewards if they decided you didn't qualify for the Cash+ -- and you had no option to decline. The new account would report regardless. At least Capital One is giving you the option to decline.

[Anonymous]

I do not know if this is recent or has always been but I have noticed now the capital one pre qualification tool has a little note that states they only review you for the platinum. QS1 and the secures credit cards for pre approval offers. I find this interesting that the QS is not even a part of that. Like I said I may be late to the party on this but I was just curious because I do get venture card mailers, so I found this strange. 

[Iusedtolurk]

---

@Anonymous wrote:

I do not know if this is recent or has always been but I have noticed now the capital one pre qualification tool has a little note that states they only review you for the platinum. QS1 and the secures credit cards for pre approval offers. I find this interesting that the QS is not even a part of that. Like I said I may be late to the party on this but I was just curious because I do get venture card mailers, so I found this strange. 

---

Haven't noticed that but then again I'm not really into their 3 bureau pulls at the moment anyway. I will nurture the 2 I have (platinum and qs1).

I is 2 years 2 months and the other is 1 yr 8 months.